|September 03, 2014
Orefinders Reports up to 48.5 g/t Au from Sampling Program at the Mirado Gold Project, Kirkland Lake, Ontario
Orefinders Resources Inc. (TSX.V: ORX) is pleased to report initial results from the ongoing 2014 field exploration program which commenced earlier this summer (news Release dated June 18, 2014). Orefinders field crews were able to systematically prospect several key target areas covering 340 hectares located throughout the 2,200 hectare land package. The field program has been successful in identifying high-grade gold in outcrops in five target areas located outside the current resource at Mirado. These new target areas are known as; MZ, Mirado North, Bank, Zabudsky, and Charest. Highlights from this summer’s field program included grab samples which reported assays up to 48.5 g/t Au.Results from the field program are indicated in Table 1 below and are presented on a map that can be found under the Mirado Project -Kirkland Lake Core Shack Section on Orefinders website at www.orefinders.ca. Click here to view Mirado Project’s Target Map
|Sample ID||Target Area||Au (g/t)||Sample Description|
|Q295911||MZ||48.50||Mineralized Intermediate Tuff|
|Q298272||26.20||Mineralized Intermediate Tuff|
|Q298105||21.20||Mineralized Intermediate Tuff|
|Q298122||Mirado North||4.82||Mineralized Intermediate Tuff|
|Q295871||20.10||Mineralized VMS in Intermediate Tuff|
|Q295867||7.89||Mineralized VMS in Intermediate Tuff|
|Q298063||Bank||13.95||Mineralized Intermediate Tuff|
|Q298068||6.54||Mineralized Intermediate Tuff|
|Q298060||4.64||Mineralized Intermediate Tuff|
|Q298255||Zabudsky||4.55||Mineralized Intermediate Tuff|
|Q298215||3.78||Mineralized Intermediate Tuff|
|Q298256||4.15||Mineralized Intermediate Tuff|
|Q298165||Charest||14.80||Mineralized quartz vein|
|Q298164||10.60||Mineralized quartz vein|
|Q298162||1.98||Mineralized quartz vein|
A fall trenching program has now commenced over these target areas which are described in more detail below:
MZ Trench Zone
Located 200 m west from the conceptual open pit designed by SRK Consulting Inc. the MZ zone is geologically similar to the Mirado south zone. High grade gold mineralization from Trench 13-02 (4.80m at 21.8 g/t Au reported in our news release of January 15, 2014) has been extended through to Trench 13-03 with additional sampling during this field season. Highlights of the 2014 grab sampling program included 48.5 g/t Au obtained from previously unsampled sections of Trench 13-03. Additional sampling along this NE trend indicated continuous mineralization at surface for a strike length of approximately 100 m. During the 2014 program, 21 grab samples have been collected which returned assays ranging from 0.009 to 48.5 g/t Au. A trenching program is currently underway to follow up on these results and test the extension of this mineralized gold system.
Located south of the Misema River, the Bank target area is hosted in felsic — intermediate tuffaceous and volcanic rocks. The mineralized zone shows strong chlorite and sericite alteration giving the rock a bleached appearance. Mineralization occurs in both metre-wide quartz veins and adjacent pyritized wall rocks. Assays returned up to 13.95 g/t Au in the intermediate tuffs and up to 5.75 g/t Au within a quartz vein. A total of 14 grab samples were collected, which ranged from 0.005 to 13.95 g/t Au. Orefinders intends to follow up on these encouraging results during the remaining 2014 field season.
The Zabudsky target is south of the Misema River and 900 m west of the Bank zone. Mineralization appears to be associated with a hydrothermal breccia zone with up to 25% pyrite. Initial samples collected assayed up to 4.55 g/t Au. To date, a total of 24 grab samples have been collected with assays ranging from 0.10 to 4.55 g/t Au. With sparse outcrop in the area prospecting and sampling was limited. Orefinders intends to follow up on these results through a trenching program this fall.
High grade Au-rich VMS horizons have been identified at surface east of the shaft. These horizons are similar to Au-rich horizons intersected in drill core during the 2012 Mirado drilling program. A total of 9 grab samples collected during the 2014 field season identified two new VMS horizons northeast of the Mirado shaft with assays ranging up to 20.1 g/t Au.
The Charest gold occurrence is located within a mineralized syenite intrusion. A total of 23 grab samples were collected from mineralized quartz veins up to 1 m wide which returned assays ranging from 0.005 to 14.8 g/t Au. The best assay results were obtained near a historic, abandoned shaft located within the syenite. Initial prospecting has indicated an extensive quartz veining system throughout the syenite body.
In total, Orefinders collected 91 grab samples at 5 gold occurrences which returned gold values ranging from 0.009 to 48.5 g/t Au. The chemical analyses were conducted in ALS Chemex’s ISO 9001:2008 certified Vancouver, B.C. laboratory facility; gold values were determined using fire assay method with a gravimetric over-limit finish. All samples collected for analysis were processed using Orefinders’ strict QA/QC (quality assurance / quality control) program which includes the insertion of standards, duplicates and blanks for quality control of the assays. ALS is a certified and accredited laboratory service. It should be noted that, due to their selective nature, assay results from grab samples may not be indicative of the overall average grade and extent of mineralization on the subject area.
The technical information contained in this news release has been approved by Kevin Piepgrass, P.Geo, VP Exploration for Orefinders, who is a Qualified Person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Projects.”
About the Mirado Property
The Mirado Gold Project is well located near Kirkland Lake ON, with newly upgraded year round road access rated for heavy equipment and hauling. A NI-43-101 compliant inferred resource of 442,000 ounces at an average grade of 1.29 g/t Au was identified during the first year of drilling on the property. Orefinders is focused on adding value by developing highly prospective gold targets that may lead to near term cash flow. Environmental base line studies have been ongoing for 12 months (September 17th 2013, news release) on the Mirado property.
On behalf of the Board of Directors
William Yeomans, P. Geo
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results may differ materially from results suggested in any forward-looking statements. Orefinders assumes no obligations to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless required by securities laws applicable to Orefinders. Additional information identifying risks and uncertainties is contained in filings by Orefinders with Canadian securities regulators, which filings are available under Orefinders profile at www.sedar.com.
For further information, please contact
William Yeomans, P. Geo.